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K. Premkumar

Bulls dominated over Wednesday's trading activity.

The sentiment reading of the tradable counters changed to neutral.

Bear domination on Thursday is likely to change the sentiment reading into bearish. On the other hand, it is likely to turn to bullish.

Nifty futures

The July month contract opened with a bull gap of around 6 points. The July month contract moved within a range of around 83 points making an intraday high of 3,178. It closed with a gain of around 55 points from its previous close.

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The long position in the July month contract exited in the morning session.

The long entry level is placed quite nearer and the short entry level is placed quite far away from its last traded price. Bull move on Thursday is likely to initiate a fresh uptrend in July contract.

Stock Futures

The composition and the ranking of the top-10 tradable list had no changes. The top-3 tradable counters in this segment were Reliance, Tata Steel and VSNL.

All the uptrend and downtrend counters in the top-10 tradable list are likely to be under threat for Thursday's trading. There are ample opportunities on either side of the trading. The best is likely to be buying in MTNL.

This counter is in the downtrend. Bull move on Thursday is likely to trigger the uptrend in this counter.

Cash Segment

The composition of the top-10 tradable list had minor changes. SAIL moved out of the list giving way to VSNL. The ranking of the list had no changes. The long exit level for ONGC is placed at 1,096.35.

All the counters in the top-10 tradable list are likely to be terminated during Thursday's trading. There are ample opportunities on either side of the trading.

The best is likely to be buying in ITC. This counter is in downtrend. Bull move on Thursday is likely to reverse the existing trend in this counter.

(Note: All price levels refer to the absolute value of the shares traded on the NSE. There is risk of loss in trading.)

The author is a technical analyst and fund management consultant.

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